United States Statutes at Large/Volume 1/3rd Congress/1st Session/Chapter 8

United States Statutes at Large, Volume 1
United States Congress
Public Acts of the Third Congress, 1st Session, Chapter 8

March 20, 1794
Chap. Ⅷ.—An Act authorizing a Loan of one million of Dollars.

President of United States authorized to borrow $1,000,000.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States be, and he hereby is authorized and empowered to borrow, on the credit of the United States, if, in his opinion, the public service shall require it, a sum not exceeding one million of dollars, at an interest not exceeding five per centum per annum, reimbursable at the pleasure of the United States, to be applied to such public purposes, as are authorized by law, and to be repaid out of the duties on imports and tonnage to the end of the present year: And that it shall be lawful for the Bank of the United States, and the said bank hereby is authorized and empowered to make the loan aforesaid.

Approved, March 20, 1794.